AIRCRAFT ENGINE DEVELOPMENT
OKLAHOMA 2024 SESSION LAW SERVICE Fifty-Ninth Legislature, 2024 Second Regular Session
2024 Okla. Sess. Law Serv. Ch. 126 (S.B. 1372) (WEST)
OKLAHOMA 2024 SESSION LAW SERVICE
Fifty-Ninth Legislature, 2024 Second Regular Session
CHAPTER 126
S.B. No. 1372
AIRCRAFT ENGINE DEVELOPMENT
An Act relating to aeronautics technology; creating the Oklahoma Aircraft Engine Testing Development Grant Program; providing short title; allowing certain department to oversee certain grant program; providing entities eligible to receive grant monies; providing certain conditions certain entities must meet to be eligible for grant programs; stating conditions necessary for consideration; requiring certain written agreement; creating the Oklahoma Aircraft Engine Testing Development Grant Program Revolving Fund; providing for codification; providing an effective date; and declaring an emergency.
SUBJECT: Aircraft engine development
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 501 of Title 3, unless there is created a duplication in numbering, reads as follows:
<< OK ST T. 3 § 501 >>
This act shall be known and may be cited as the “Oklahoma Aircraft Engine Testing Development Grant Program”.
SECTION 2. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 502 of Title 3, unless there is created a duplication in numbering, reads as follows:
<< OK ST T. 3 § 502 >>
A. There is hereby created, within the Oklahoma Department of Aerospace and Aeronautics, the Oklahoma Aircraft Engine Testing Development Grant Program to offer financial assistance by grant to private or public entities for the purpose of expanding the aircraft engine testing capabilities of this state and developing aircraft engine testing infrastructure. Grant funding shall be administered based on the potential for a specific project to enhance the aviation and aerospace industry of this state. A grant under this program shall be a one-time award.
B. Public, private, and nonprofit entities within this state that have sufficient financial and management capacity to complete the requested project are eligible for funding under this program. Applicants shall provide the following information:
1. Airline or industry support as evidenced by a letter or other communication directly from the entity stating its support for the project;
2. The ability to provide a minimum of forty percent (40%) matching funds for the project; and
3. A proposal summary that shall include any background information or history with aircraft engine testing and development, project description, timeline for completion of project, and estimated budget for the entire project.
C. A grant agreement shall be made between any awardee and the Department. The grant agreement shall provide for the conditions of disbursement, shall include a provision requiring the repayment of awarded funds if the terms are not met, and shall include a requirement for awardees to provide ongoing quarterly reports detailing activity related to the project.
SECTION 3. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 503 of Title 3, unless there is created a duplication in numbering, reads as follows:
<< OK ST T. 3 § 503 >>
There is hereby created in the State Treasury a revolving fund for the Oklahoma Department of Aerospace and Aeronautics to be designated the “Oklahoma Aircraft Engine Testing Development Grant Program Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Department from all monies received by any public or private donations, contributions, and gifts received for the benefit of the fund, and any amounts appropriated by the Legislature, provided for the purpose of funding grants as provided in this act. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Department for the purpose provided for in this act. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
SECTION 4. This act shall become effective July 1, 2024.
SECTION 5. It being immediately necessary for the preservation of the public peace, health or safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.
In accordance with Article VI, Section 11, of the Oklahoma Constitution, Senate Bill 1372 has become law without the Governor’s signature. It was filed with the Secretary of State April 24, 2024.
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